Cardano (ADA) has fallen below $0.70 amid the ongoing crypto market crash. Currently trading at $0.66, ADA has lost 10% over the past 24 hours amidst a broader market sell-off.
Why Is Cardano Crashing?
Several major factors have contributed to the sharp decline in ADA’s price:
1. SEC delays in approving crypto ETFs create uncertainty, deterring investors. 2. Profit-taking from the previous market bull run adds selling pressure to major altcoins like Cardano. 3. A $1.4 billion hack on the Bybit exchange has shaken market confidence, leading to panic selling.
Cardano Price Prediction
If selling pressure continues, ADA could drop to key support levels:
- $0.56 - The first major support; a break below could result in deeper losses. - $0.48 - A critical level that could see increased selling pressure. - $0.40 - The worst-case scenario if market sentiment continues to decline.
Factors Affecting the Market
Cardano’s future remains uncertain as macroeconomic factors and regulatory concerns weigh on the entire crypto market. If Bitcoin and Ethereum continue to fall, ADA could see even more downside in the coming days.
The crypto market is under significant pressure, and Cardano is no exception. If the negative market trends continue, ADA's value may drop further, driven by the overall market condition and external factors.
